Shrinking the Trust Gap Report | US Insights

Vodafone Business' Fit for the Future Report reveals AI helps businesses shrink the Trust Gap – and 57% of US respondents think AI-savvy businesses are more likely to make accurate predictions

Our latest Fit for the Future (FFTF) Report identifies a divide between perception and reality in customer trust. The findings show that businesses that utilize AI for the benefit of their customers – from delivering higher quality products faster to more accurate customer service – can shrink this “Trust Gap” by nearly half.

Developed in partnership with the London School of Economics, the study measures the “Trust Gap” as an average of 11 percentage points and proves it has a real impact on business performance, representing missed opportunities, disappointed customers and lost revenue.

“Trust is the foundation of relationships and affects the choices we make every day,” said David Joosten, President, Vodafone US. “By staying at the forefront of technological advancements and deploying new solutions like AI, international businesses are finding new ways they can provide better quality service and experiences and earn customer trust.”

AI can help shrink the Trust Gap

Trust scores saw a significant uplift when customers perceive that businesses are “using technology the right way.” When the survey looked closer at the impact of AI on trust, it found that as businesses explore how to introduce AI, they are finding new ways to improve the efficiencies within their businesses and customer experiences - dropping the Trust Gap to just 6 percentage points and revealing new levels of confidence in how a business operates:

• 62% of respondents trust organizations the same or even more when Gen AI is used

• 57% of US respondents think that AI-savvy businesses are more likely to make accurate predictions

• 53% of respondents say they would have confidence in AI technologies completing day-to-day tasks more effectively

AI must be implemented with the human touch

While the data shows AI unlocks new levels of trust for many businesses, it also demonstrates that a mind plus machine approach is critical. In fact, a common perception among both businesses and consumers that technologies such as generative AI, chatbots and virtual reality, could actually erode trust in businesses if used inappropriately-underscoring the importance of the human touch and more secure systems:

• 62% of US respondents are concerned relying on these technologies will make organizations less human in their interactions

• 76% of US respondents think organizations overall should be more transparent about their use of technology and how it impacts their customers

• 41% of respondents say that a robust cybersecurity solution would make them trust an organization more

Customers place more trust in “Fit for the Future” businesses

Fit for the Future organizations are already using technology like AI to improve response times, manage data safely and deliver information to customers in a faster, more reliable way. As a result of successfully rolling out new technologies, businesses see:

• 16% rise in their trust scores with their customers

• 3x more alignment with customers on shared values, humanity and consistency

To view the full report findings, visit https://www.vodafone.com/business/news-and-insights/white-papers/shrinking-the-trust-gap-report

Notes to editors

Methodology

Quantitative research was conducted by B2B International in collaboration with the London School of Economics, commissioned by Vodafone Business. The study surveyed 2359 businesses and 5289 individual customers across 10 markets and 11 key sectors of the economy.

To create Trust Scores for businesses and industries, the study asked research participants to give organizations a rating on a 1 – 5 scale, according to how much they agreed or disagreed with four statements within each of the three pillars within a definition of Trust. Businesses were asked to give themselves a score on these measures, according to how they thought customers would rank them.

Please visit the methodology section of the report for more information.

About Fit for the Future

In 2020, Vodafone Business set out to discover which businesses are prepared for the future, what they’re doing differently to other businesses, how they approach different challenges and how they fared during the pandemic. We conducted qualitative and quantitative research across 10 markets globally in 2019 and 2020. We found there were six characteristics that correlated most clearly with businesses – we called these businesses ‘Fit for the Future’ (FFTF).

FFTF businesses are more confident in their ability to use technology, quicker to respond to upcoming trends and faster to market than their competitors, and this includes monitoring their carbon footprint. We continue to track FFTF businesses in our studies to see how they fare to potential issues or scenarios compared to those who may not be as prepared.

In the 2021 report, we partnered with the London School of Economics to understand whether being Fit for the Future affected company performance. The report revealed a close correlation between being Fit for the Future and commercial performance. Even after controlling for factors such as company size, location and sector, financial performance relative to competitors is greater when firms score higher in terms of their Fit for Future score. Similarly, being Fit for the Future is associated with higher ESG scores.

About Vodafone

Vodafone is a leading European and African telecoms company. We provide mobile and fixed services to over 330 million customers in 15 countries (excludes Italy which is held as a discontinued operation under Vodafone Group), partner with mobile networks in 45 more and have one of the world’s largest IoT platforms. In Africa, our financial technology businesses serve almost 79 million customers across seven countries – managing more transactions than any other provider.

Our purpose is to connect for a better future by using technology to improve lives, businesses and help progress inclusive sustainable societies. We are committed to reducing our environmental impact to reach net zero emissions by 2040.

For more information, please visit www.vodafone.com, follow us on X at @VodafoneGroup or connect with us on LinkedIn at www.linkedin.com/company/vodafone.